Moody's rates Kazakhstan Engineering bond Ba2

Moody's Investors Service said it assigned a rating of Ba2 (LGD4, 57%) to JSC NC Kazakstan Engineering's KZT 15 billion three-year domestic bond issuance.

The outlook is stable.

Kazakstan Engineering has a Ba2 corporate family rating, which reflects the unsubordinated nature of the bond, according to the agency.

This view is based on the fact that Kazakstan Engineering has refinanced most of its debt ranked senior to the bond and the expectation that Kazakstan Engineering will raise any new debt on an unsecured basis and at the holding company level, Moody's said.

Kazakhstan Engineering is fully owned by the government of Kazakhstan, the agency noted.

The stable outlook incorporates expectation of Kazakh government support, stable domestic demand for the group's products and a debt-to-EBITDA ratio of less than 3.5 times, the agency said.

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